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Post-retirement benefit obligations (Tables)

12 Months Ended

Jun. 30, 2021

Post-retirement benefit obligations

Schedule of post-retirement benefit obligations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-current

​

Current

​

Total

​

​

​

2021

​

2020

2021

​

2020

​

2021

​

2020

for the year ended 30 June

​

Note

​

Rm

​

Rm

​

Rm

​

Rm

​

Rm

​

Rm

Post-retirement healthcare obligations

35.1

​

​

​

​

​

​

​

​

South Africa

​

3 238

​

2 778

218

​

214

​

3 456

​

2 992

United States of America

​

236

​

359

21

​

26

​

257

​

385

​

​

​

3 474

​

3 137

239

​

240

​

3 713

​

3 377

Pension obligations

35.2

​

​

​

​

​

​

​

​

​

​

​

Foreign — post-retirement benefit obligation

​

9 823

​

11 554

258

​

265

​

10 081

​

11 819

Total post-retirement benefit obligations

​

13 297

​

14 691

497

​

505

​

13 794

​

15 196

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pension assets

35.2

​

​

​

​

​

​

​

​

​

​

South Africa — post-retirement benefit asset

​

(46)

​

(467)

—

​

—

​

(46)

​

(467)

Foreign — post-retirement benefit asset

​

(545)

​

—

—

​

—

​

(545)

​

—

Total post-retirement benefit assets

​

(591)

​

(467)

—

​

—

​

(591)

​

(467)

Net pension obligations

​

9 232

​

11 087

258

​

265

​

9 490

​

11 352

Schedule of loss/(gain) on post-retirement benefit obligations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loss/(gain) recognised in the income

Loss/(gain) recognised in other

​

​

​

​

statement

​

comprehensive income

​

​

​

​

2021

​

2020

​

2019

​

2021

​

2020

​

2019

for the year ended 30 June

​

Note

​

Rm

​

Rm

​

Rm

​

Rm

​

Rm

​

Rm

Post-retirement benefit obligations

Post-retirement healthcare obligations

35,1

407

467

485

201

(1 040)

(460)

Pension benefits - projected benefit obligation

35,2

7 248

7 073

6 371

5 715

(6 921)

1 360

Pension benefits - plan asset of funded obligation

35,2

(5 758)

(5 238)

(4 815)

(7 419)

7 507

(514)

Net movement on asset limitation and reimbursive right

​

​

—

—

—

669

601

145

​

​

​

1 897

2 302

2 041

(834)

147

531

Schedule of actuarial valuations

​

​	​	​	​	​
​		Healthcare benefits		Pension benefits
Last actuarial valuation — South Africa		31 March 2021		31 March 2021
Last actuarial valuation — United States of America		30 June 2021		30 June 2021
Last actuarial valuation — Europe		n/a		1 April 2021
Full/interim valuation		Full		Full
Valuation method adopted		Projected unit credit		Projected unit credit

Schedule of actuarial assumptions

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

United States of

​

​

​

​

​

​

South Africa

​

America

​

Europe

​

​

2021

​

2020

​

2021

​

2020

​

2021

​

2020

at valuation date

​

%

​

%

​

%

​

%

​

%

​

%

Healthcare cost inflation

7,5

7,5

n/a

*

n/a

*

n/a

n/a

Discount rate — post- retirement medical benefits

11,6

13,3

2,7

2,3

n/a

n/a

Discount rate — pension benefits

11,1

12,2

2,0

2,2

1,2

​

1,4

Pension increase assumption

5,2

6,1

n/a

**

n/a

**

1,8

1,8

Average salary increases

5,5

​

5,5

​

4,2

4,2

2,8

2,8

Weighted average duration of the obligation — post- retirement medical obligation

13 years

14 years

12 years

11 years

n/a

n/a

Weighted average duration of the obligation — pension obligation

12 years

12 years

7 years

***

14 years

18 years

18 years

​

​

​

​

​

​

​

​

​

​

​

​

Assumptions regarding future mortality are based on published statistics and mortality tables.

* The healthcare cost inflation rate in respect of the plans for the United States of America is capped. All additional future increases due to the healthcare cost inflation will be borne by the participants.

** There are no automatic pension increases for the United States of America pension plan.

*** The decrease in 2021 is as a result of the large number of employees transferring to the Louisiana Integrated Polyethylene Joint Venture. Refer to note 23.

Healthcare

Post-retirement benefit obligations

Reconciliation of obligation recognised

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​
​			South Africa				United States of America				Total
​	​	​	2021	​	2020	​	2021	​	2020	​	2021	​	2020
for the year ended 30 June	​	​	Rm	​	Rm	​	Rm	​	Rm	​	Rm	​	Rm
Total post-retirement healthcare obligation at beginning of year		​	2 992		3 825		385		268		3 377		4 093
Movements recognised in the income statement:		​	413		440		(6)		27		407		467
current service cost		​	26		45		18		18		44		63
interest cost		​	387		395		7		9		394		404
curtailments and settlements		​	—		—		(31)		—		(31)		—
Actuarial (gains)/losses recognised in other comprehensive income:		​	237		(1 085)		(36)		45		201		(1 040)
arising from changes in financial assumptions		​	539		(1 026)		(12)		44		527		(982)
arising from changes in demographic assumptions		​	—		—		—		(3)		—		(3)
arising from changes in actuarial experience		​	(302)		(59)		(24)		4		(326)		(55)
Benefits paid		​	(186)		(180)		(23)		(22)		(209)		(202)
Transfer to disposal groups held for sale		​	—		(8)		—		—		—		(8)
Translation of foreign operations		​	—		—		(63)		67		(63)		67
Total post-retirement healthcare obligation at end of year		​	3 456		2 992		257		385		3 713		3 377

Schedule of sensitivity analysis for actuarial assumptions

​

​	​	​	​	​	​	​	​	​	​
​		South Africa				United States of America
​	​	2021	​	2020	​	2021	​	2020
for the year ended 30 June	​	Rm	​	Rm	​	Rm	​	Rm
1% point change in actuarial assumptions:									​
Increase in the healthcare cost inflation		411		325		—	*	—	*
Decrease in the healthcare cost inflation		(344)		(280)		—	*	—	*
Increase in the discount rate		(329)		(264)		(25)		(38)	​
Decrease in the discount rate		399		310		34		47	​

* A change in the healthcare cost inflation for the United States of America will not have an effect on the above components or the obligation as the employer’s cost is capped and all future increases due to the healthcare cost inflation are borne by the participants. There are no automatic pension increases for the United States pension plan.

Pension

Post-retirement benefit obligations

Reconciliation of obligation recognised

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	South Africa			​	Foreign			​	Total
​	​	​	2021	​	2020	​	2021	​	2020	​	2021	​	2020
for the year ended 30 June			Rm		Rm		Rm		Rm		Rm		Rm
Projected benefit obligation at beginning of year		​	47 228		51 241		16 321		12 565		63 549		63 806	​
Movements recognised in income statement:		​	6 571		6 218		677		855		7 248		7 073	​
current service cost		​	923		1 150		579		572		1 502		1 722	​
past service cost		​	—		—		—		39		—		39	​
curtailments and settlements		​	—		—		(129)		—		(129)		—	​
interest cost		​	5 648		5 068		227		244		5 875		5 312	​
Actuarial (gains)/losses recognised in other comprehensive income:		​	6 093		(7 938)		(378)		1 017		5 715		(6 921)	​
arising from changes in demographic assumptions		​	—		—		(1)		16		(1)		16	​
arising from changes in financial assumptions		​	303		(1 105)		(452)		742		(149)		(363)	​
arising from change in actuarial experience		​	5 790		(6 833)		75		259		5 865		(6 574)	​
Member contributions		​	503		504		—		—		503		504	​
Benefits paid		​	(3 341)		(2 797)		(1 070)		(988)		(4 411)		(3 785)	​
Transferred to held for sale assets		​	—		—		—		—		—		—	​
Translation of foreign operations		​	—		—		(2 282)		2 872		(2 282)		2 872	​
Projected benefit obligation at end of year		​	57 054		47 228		13 268		16 321		70 322		63 549	​
unfunded obligation*		​	—		—		10 028		11 564		10 028		11 564	​
funded obligation		​	57 054		47 228		3 240		4 757		60 294		51 985	​

* Certain of the foreign defined benefit plans have reimbursement rights under contractually agreed legal binding terms that match the amount and timing of some of the benefits payable under the plan. This reimbursive right has been recognised in long-term receivables at fair value of R218 million (2020 – R270 million). A decrease of R22 million (2020 – increase of R2 million) has been recognised as a loss in other comprehensive income in respect of the reimbursive right.

Schedule of sensitivity analysis for actuarial assumptions

​

​	​	​	​	​	​	​	​	​	​
​	​	South Africa			​	Foreign
​	​	2021	​	2020	​	2021	​	2020
for the year ended 30 June		Rm		Rm		Rm		Rm
1% point change in actuarial assumptions									​
Increase in average salaries increase assumption		9		9		470		676	​
Decrease in average salaries increase assumption		(8)		(9)		(446)		(479)	​
Increase in the discount rate		(1 474)		(1 425)		(1 833)		(2 269)	​
Decrease in the discount rate		1 748		3 237		2 360		3 133	​
Increase in the pension increase assumption		1 821		3 309		1 353	*	1 446	*
Decrease in the pension increase assumption		(1 566)		(1 491)		(1 102)	*	(1 179)	*

* This sensitivity analysis relates only to the Europe obligations as there are no automatic pension increases for the United States of America pension plan, and thus it is not one of the inputs utilised in calculating the obligation.

Schedule of allocation of plan assets

​

​	​	​	​	​	​	​	​	​	​
​	​	​	South Africa			​	United States of America
​			2021	​	2020	​	2021	​	2020
at 30 June	​	​	%	​	%	​	%	​	%
Equities	​	​	54	​	47	​	30	​	35
resources		​	7		5		4		5
industrials		​	2		2		3		4
consumer discretionary		​	11		9		4		4
consumer staples		​	9		9		2		2
healthcare		​	5		5		4		5
information technologies		​	6		6		6		7
telecommunications		​	4		3		2		3
financials (ex real estate)		​	10		8		5		5
Fixed interest		​	16		17		50		49
Direct property		​	11		15		6		6
Listed property		​	2		2		—		—
Cash and cash equivalents		​	4		7		—		—
Third party managed assets		​	12		12		—		—
Other		​	1		—		14		10
Total		​	100		100		100		100

​

​	​	​	​	​	​	​	​	​
​	​	South Africa¹			​	United States of America
​	​	Minimum	​	Maximum	​	Minimum	​	Maximum
Asset classes		%	​	%	​	%	​	%
Equities
local		30		45		—		100
foreign		15		30		—		100
Fixed interest		5		25		—		100
Property		10		25		—		100
Other		—		15		—		100

1 Members of the defined contribution scheme have a choice of four investment portfolios. The targeted allocation disclosed represents the moderate balanced investment portfolio which the majority of the members of the scheme have adopted. The total assets of the fund under these investment portfolios are R272 million, R58 010 million, R1 027 million and R2 040 million for the low risk portfolio, moderate balanced portfolio, aggressive balanced portfolio and money market portfolio, respectively. Defined benefit members’ funds are invested in the moderate balanced portfolio. The money market portfolio is restricted to active members from age 55.

Schedule of net defined benefit liability (asset)

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	South Africa			​	Foreign			​	Total
​			2021		2020		2021		2020		2021		2020	​
for the year ended 30 June	​	​	Rm	​	Rm	​	Rm	​	Rm	​	Rm	​	Rm	​
Projected benefit obligation (funded)	​	​	57 054	​	47 228	​	3 240	​	4 757	​	60 294	​	51 985	​
defined benefit portion		​	25 119		20 860		3 240		4 757		28 359		25 617	​
defined benefit option for defined contribution members		​	31 935		26 368		—		—		31 935		26 368	​
Plan assets		​	(60 671)		(50 618)		(3 732)		(4 502)		(64 403)		(55 120)	​
defined benefit portion		​	(28 736)		(23 020)		(3 732)		(4 502)		(32 468)		(27 522)	​
defined benefit option for defined contribution members		​	(31 935)		(27 598)		—		—		(31 935)		(27 598)	​
Projected benefit obligation (unfunded)		​	—		—		10 028		11 564		10 028		11 564	​
Asset not recognised due to asset limitation		​	3 571		2 923		—		—		3 571		2 923	​
Net liability/(asset) recognised		​	(46)		(467)		9 536		11 819		9 490		11 352	​

Schedule of reconciliation of plan assets of funded obligation

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	South Africa			​	Foreign			​	Total
​	​	​	2021	​	2020	​	2021	​	2020	​	2021	​	2020
for the year ended 30 June			Rm		Rm		Rm		Rm		Rm		Rm
Fair value of plan assets at beginning of year		​	50 618		54 115		4 502		4 270		55 120		58 385	​
Movements recognised in income statement:		​	5 678		5 120		80		118		5 758		5 238	​
interest income		​	6 035		5 352		80		118		6 115		5 470	​
interest on asset limitation		​	(357)		(232)		—		—		(357)		(232)	​
Actuarial gains/(losses) recognised in other comprehensive income:		​	6 660		(7 481)		759		(26)		7 419		(7 507)	​
arising from return on plan assets		​	6 660		(7 481)		759		(26)		7 419		(7 507)	​
(excluding interest income)	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Plan participant contributions*		​	503		504		—		—		503		504	​
Employer contributions*		​	553		1 157		53		20		606		1 177	​
Benefit payments		​	(3 341)		(2 797)		(869)		(795)		(4 210)		(3 592)	​
Translation of foreign operations		​	—		—		(793)		915		(793)		915	​
Fair value of plan assets at end of year		​	60 671		50 618		3 732		4 502		64 403		55 120	​
Actual return on plan assets		​	12 338		(2 361)		839		93		13 177		(2 268)	​

35Post-retirement benefit obligations continued

35.2Pension benefits Continued

* Contributions, for the defined contribution section, are paid by the members and Sasol at fixed rates.

Schedule of contributions to plans

​

​	​	​	​	​
​		South Africa		Foreign
​	​	Rm	​	Rm
Pension contributions		527		247

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